The Theoretical And Positive Studies Of The Optimal Equilibrium Of Chinese Financial Market

China is one of ancient civilization nations. Commodity and money have existed for a long time. Financial markets are also developed continually. The positive studies in this dissertation concern mainly modern Chinese financial markets after the foundation of the People s Republic of China. Social economy systems are always existing whether it is war or peace period. The optimal equilibrium theory is still meaningful to analyze ancient and modern markets. Based on the intermediate function the investment function of financial market becomes more and more important in the social developments. Different financial assets appeared continually. Characters of yield, liquidity, safety are paid more attentions to in the general analyses. The optimal equilibrium theory studies the extensive social production and integrates the pnce, supply and demand, expenditure of trade. The phase of optimal equilibrium will satisfy the equality of supply and demand, conservation of price and total expenses equal gross earnings. So the market will be the most efficient then. Relative researches will impel the market to the more reasonable direction.For the mixed trend of financial markets money market and capital market are moving together. Analyses of price-yield theories of optimal equilibrium study mainly interest rate theories and yield rates of shares. The developments of interest rates contain the essence, source, change and classification of rates. There are also various yield rates of shares and the analyses can be divided into factions of investment theory and practical operation. Based on the single factor and multifactor model the optimal terms of portfolios are studied, such as the conservation of yield rates of assets and factors. The investment function of insurance (mainly life insurance) and the static and dynamic period structures of financial assets possessing continuate cash flows have been researched.The structures of trade expenditures in the financial market trend to multifarious, multilevel. So the study of optimal expenses of optimal equilibrium becomes complex. For the few fees contrast to the total capital many researches ignore them at all. 1 he tentative explorations have been carried on in my dissertation. When expense changes the price and volume of transaction change correspondingly. Market rates also change concerning the influence of intermediate expenditures. The main destinations of optimal equilibrium analyses are to improve the efficiency of resource allocation of market and to obtain the overall optimal state. From the intermediate expenditure point of view studying the problem makes the intermediate function offinancial markets explicit and it is easy to achieve the overall optimal state. Under the trend of financial globalization the financial organization will explore new functions to enhance the competition. New financial business conforms to the abundance of market information and becomes the source of income.Chinese financial business has been developed fast after reform and openness, configure the commercial bank, security company, insurance agent and so on. Interest rate often changes and steps into the marketization. Security businesses appear from null. Relative studies become more and more enrichment. The internet business benefits the consumers and reduces the trade expenses. By the development of social economy the configurations of money are more and more simple, at the same time gross financial assets increase continually. The collections and researches to relative information come into being different technical analyses and expectation models. For the uncertainty and unstability of movement of economy self, investors in the financial markets are apt to be effected by the multifarious factors. The expectations of asset prices should take into account time sequence models and interregional models integratedly.The importance of systematically quantitative analyses to expose the essence of financial market is indubitable. These analyses to Chinese financial market have been made in the final part of the dissertation, such as the short-term and long-term tests of factor model, the correlation tests of turnover and price, the tests of abnormal yield rates of floating commission system, the correlations of stock's income rate and expenditure, the studies of internal rates of returns and period structures of life insurance assets. The aforementioned analyses about optimal equilibrium have been certified elementarily. Now Chinese financial industries are changing and innovating for the needs of breakthroughs and innovations. Those are also the requirements of other departments to the financial industries.